Mizuho Bank will accelerate the consolidation of its branches this fiscal year, bank sources said Wednesday.
The commercial banking arm of Mizuho Financial Group Inc. will consolidate 140 branches of former Dai-Ichi Kangyo Bank and Fuji Bank into 70, although the surviving branches will carry both former branch names for the time being, the sources said.
The combined branches are expected to complete their integration under one branch name after spring 2004, when computer systems of former Dai-Ichi Kangyo Bank and Fuji Bank are fully integrated, they said.
Mizuho made a fresh start in April 2002 after its three core banks -- Dai-Ichi Kangyo Bank, Fuji Bank and the Industrial Bank of Japan -- merged into Mizuho Bank and Mizuho Corporate Bank.
During fiscal 2003, which began Tuesday, Mizuho Bank will close 30 more branches, reducing the total to 440 by the end of the business year, the sources said.
Mizuho Bank postponed full computer-system integration by 18 months due to a massive computer fiasco that occurred immediately after its launch last April.